Fourteen suspects allegedly behind a cryptocurrency scam have been arrested in Taiwan. According to the country’s Criminal Investigation Bureau, the scheme has defrauded investors out of millions of dollars.

Suspects Behind Crypto Scam in Taiwan Arrested

The country’s Criminal Investigation Bureau (CIB) explained that the crypto scam allegedly defrauded more than 100 people out of about NT$150 million (US$5.41 million) over the past year. The suspects now face charges of fraud, money laundering, and breaches of the country’s Organized Crime Prevention Act, the Taipei Times reported Sunday.

Kuo Yu-chih, the CIB investigator in charge of the case, explained that a businessman with the last name Chen is believed to be the mastermind behind the fraudulent crypto scheme. He added that the scheme focused on cryptocurrencies ethereum, tronix, and tether. Chen also led the Taipei-based Azure Crypto Co., which offered cryptocurrency and other investment services.

The investigator detailed that Chen promoted crypto investments…

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Source: https://news.bitcoin.com/14-suspects-cryptocurrency-investment-scam-arrested-taiwan/